There are early signs that the global exploration sector may soon return to profit, according to Andrew Latham, Wood Mackenzie’s vice president of global exploration research. “Based on the volumes which we can already measure, resource discovery costs are close to US$2 per barrel…
Indonesia’s ‘embattled’ exploration and production sector is in ‘dire’ need of additional investment, according to BMI Research. The country is suffering from slowing exploration, rising costs from mature assets and a ‘seemingly perpetual decline’ in oil and gas output, energy analysts at BMI said…
Qatar Petroleum (QP) has confirmed that it plans to invest in Iraq’s upstream oil businesses. President and CEO Saad Sherida Al Kaabi (pictured) told reporters: “I have met with the Iraq’s Oil Minister (Jabar Al Luaibi) and have conveyed my interest in investing Iraq’s…
Pars Oil and Gas Company expects gas production to begin from the Phase 14 development of the South Pars field in the Persian Gulf by February. Hamidreza Masoudi, an official for the project, told news service Shana that the programme was currently 77% complete,…
Oil traders are going to have their work cut out for them in 2018. OPEC and its allies are heading into the second year of supply cuts to wipe out the global oil glut, while rising US output is threatening those efforts. Geopolitical tensions…
As previously advised, the US expanded its sanctions against Russia in August 2017. The original article can be viewed here. Some of these sanctions apply to non-US persons and is therefore likely to impact foreign investment in oil and gas projects. Since September 2014, US persons…
Faroe Petroleum and its partners in the Fenja field submitted a US$1.2-billion plan for development and operation to the Norwegian Ministry of Petroleum and Energy on the 19th December. The project was announced about the same time as first oil was anticipated from Premier…
Royal IHC, the Dutch supplier of equipment, vessels, and services, is buying Oceanteam’s Dutch-based engineering and consultancy company, KCI the Engineers BV. Oceanteam and Royal IHC have executed a signing protocol under the terms of which IHC will acquire all of the outstanding share…
Saudi Aramco, Lamprell, Bahri and Hyundai Heavy Industries have officially launched their International Maritime Industries (IMI) joint venture which will be responsible for the management of the multi-billion dollar maritime and offshore yard being built in Saudi Arabia’s Ras Al-Khair. According to Saudi Aramco,…
Maersk Drilling has been awarded a four year contract for the deepwater drillship Maersk Venturer by Tullow Ghana Ltd. The contract, which was signed December, is expected to commence in February 2018 and covers development drilling on the Jubilee and TEN fields offshore Ghana….
